The Austrian Theory of Value and Capital

The late Klaus H. Hennings, formerly of the University of Hannover, Germany
Edited by Heinz D. Kurz, Emeritus Professor of Economics, University of Graz and Graz Schumpeter Centre, Austria

The Austrian Theory of Value and Capital provides a meticulous account of Eugen von Böhm-Bawerk’s life, his theory of value, capital and interest within the context of 19th century German economic thought and the development of neoclassical economic theory.

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The Austrian Theory of Value and Capital provides a meticulous account of Eugen von Böhm-Bawerk’s life, his theory of value, capital and interest within the context of 19th century German economic thought and the development of neoclassical economic theory.

This book provides an insight into Böhm-Bawerk’s intellectual development, his political leanings and personal background, including a wealth of previously unknown facts. The study also considers the development of economic thought in the 19th century in Germany and Austria. It critically analyses the work and contribution of Böhm-Bawerk and concludes that his analysis belongs to traditional 19th century German economic thought. Closely related to this is the clarification made by the author of what is genuinely ‘Austrian’ in the ‘Austrian theory of value and distribution’. To complement the study of Böhm-Bawerk, the book also contains the first English translation of his letters to Knut Wicksell.

This book will be of interest to economic theorists, those interested in Austrian economics and the history of economic thought and economic historians.

‘It will be applauded as a great discovery illuminating the essence of the School and its founder, by European ("modern"/Böhm-Bawerkian) Austrians.’
– John B. Egger, Journal of the History of Economic Thought

‘The author has provided a meticulous account of Eugen von Böhm-Bawerk’s life, his theory of value, capital, and interest in the context of nineteenth-century economic thought, and the development of neoclassical economic theory.’
– Business Horizons

‘Hennings is the first author who manages to give an encompassing and balanced representation of Böhm’s contribution. . . I highly recommend it.’
– Malte Faber, European Journal of the History of Economic Thought

‘We have had to wait more than a century since the publication of The Positive Theory of Capital for a book in the English language on the life and work of Eugen von Böhm-Bawerk. The manuscript of Klaus Hennings’s book has been widely read and admired and it is extremely welcome that, through the efforts of Heinz Kurz, it is now published. Hennings devoted much of his life, so sadly cut short, to Böhm-Bawerk, and we are fortunate to have this distillation of his research on one of the three greatest Austrian economists.’
– Walter Eltis, Exeter College, Oxford University, UK

‘‘An excellent account of Böhm-Bawerk’s life and his theory of value, capital and interest. It is also a treasure trove of published and unpublished material of and on Böhm-Bawerk.’
– Malte Faber, University of Heidelberg, Germany